Interim Report: Second Quarter and First Half of Fiscal 2015...A. Table of contents 2 A Table of contents 14 D Condensed Interim Consolidated Financial Statements 14 D.1 Consolidated

siemens.com

Interim ReportSecond Quarter and First Half of Fiscal 2015

A. Table of contents

2 A Table of contents 14 D Condensed Interim Consolidated Financial Statements

14 D.1 Consolidated Statements of Income

14 D.2 Consolidated Statements of Comprehensive Income

3 B Introduction 15 D.3 Consolidated Statements of Financial Position

16 D.4 Consolidated Statements of Cash Flows

17 D.5 Consolidated Statements of Changes in Equity

18 D.6 Notes to Condensed Interim Consolidated

3 C Interim Group Management Report Financial Statements

3 C.1 Second quarter of fiscal 2015

9 C.2 Siemens Group in the first half of 24 E Additional information

fiscal 2015 24 E.1 Responsibility statement

13 C.3 Outlook 24 E.2 Review report

13 C.4 Risks and opportunities 25 E.3 Notes and forward-looking statements

3

B. Introduction

Siemens AG’s Interim Report for the Siemens Group complies with the applicable legal requirements of the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG) regarding half-year financial reports, and comprises Condensed Interim Consolidated Financial Statements, an Interim Group Management Report and a Responsibility statement in accordance with section 37w WpHG. The Condensed Interim Consolidated Financial Statements have been prepared in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), as adopted by the European Union (EU). The Condensed Interim Consolidated Financial Statements also comply with IFRS as issued by the IASB. This Interim Report should be read in conjunction with our Annual Report for fiscal 2014, which includes a detailed analysis of our operations and activities.

C. Interim Group Management Report

C.1 Second quarter of fiscal 2015: Portfolio gains drive income

Management’s perspective on second-quarter results: For business volume, we performed well in our markets. The profitability of our Industrial Business shows that we must still improve some businesses.

Second-quarter orders up 16%, to €20.8 billion, including large orders in the rail business; on a comparable basis, excluding currency translation and portfolio effects, orders up 7%

Revenue 8% higher at €18.0 billion, for a book-to-bill ratio of 1.15; revenue flat on a comparable basis

Industrial Business profit 5% lower, at €1.7 billion, due largely to Power and Gas as expected

Net income of €3.9 billion, including €1.6 billion, €1.4 billion and €0.2 billion, respectively, on the sale of the hearing aid business, Siemens’ stake in BSH Bosch und Siemens Hausgeräte GmbH (BSH) and the hospital information business; resulting in basic earnings per share (EPS) of €4.70

4

Siemens

Q2 % Change

(in millions of €) FY 2015 FY 2014 Actual Comp.

Orders 20,754 17,858 16% 7%

Revenue 18,049 16,695 8% 0%Profit Industrial Business 1,659 1,745 (5)%

therein: severance (98) −Profit marginIndustrial Business 9.0% 10.3%

excl. severance 9.6% 0%Income from continuing operations 1,997 1,131 77%

Net income 3,908 1,153 >200%Basic earnings per share (in €) 4.70 1.33 >200%

Free cash flow (continuing and discontinued activities) (241) 1,402 n/aROCE (continuing and discontinued activities) 42.1% 14.5%

Second-quarter volume growth influenced strongly by currency translation tailwinds from the weaker euro compared to a year earlier

Higher volume from large orders particularly in Mobility with €1.7 billion order for regional trains and maintenance in Germany; in addition, double-digit order growth in Power and Gas, Healthcare, and Energy Management

Industrial Business order backlog with new high at €109 billion, including €5 billion from currency translation

Reported revenue higher in all Divisions, driven by favorable currency translation effects; double-digit increases in Healthcare and Energy Management

Industrial Business profit lower due mainly to declines in Power and Gas as well as Process Industries and Drives which more than offset an improvement in Energy Management

Continued planned increase in selling and R&D expenses particularly evident in Power and Gas

Severance charges for continuing operations were €140 million, with the largest share taken in Power and Gas

Income from continuing operations: increase due mainly to a gain of €1.4 billion from the sale of Siemens’ stake in BSH, only partly offset by a loss of €0.2 billion related to Siemens’ stake in Unify Holdings B.V. (Unify) and negative effects related to Corporate Treasury hedging instruments

Net income: gains from sales of the hearing aid (€1.6 billion) and hospital information (€0.2 billion) businesses within discontinued operations

Free cash flow: Industrial Business declined to €750 million from €1.779 billion in Q2 FY 2014, due primarily to Wind Power and Renewables as well as Power and Gas driven by a build-up of inventories; Corporate Treasury was negative due mainly to settlements of hedging instruments

Cash inflows related to the sale of Siemens’ stake in BSH, the hearing aid and hospital information businesses totaled €5.9 billion; payments were not part of Free cash flow

Underfunding of Siemens‘ pension plans as of March 31, 2015: €11.0 billion (December 31, 2014: €9.6 billion); increased due mainly to a lower discount rate assumption

5

Power and Gas

Q2 % Change


Orders 3,087 2,677 15% 4%

Revenue 3,045 2,929 4% (6)%

Profit 392 594 (34)%

therein: severance (57) −

Profit margin 12.9% 20.3%

excl. severance 14.7% 0%

The Rolls-Royce Energy aero-derivative gas turbine and compressor business, which was acquired between the periods under review, contributed six percentage points to both order growth and revenue growth

Orders up compared to the weak prior-year quarter on growth in the Middle East

Revenue increase in the Americas due to currency translation; decline in Asia, Australia

Lower margins in the large gas turbine and compression businesses; higher R&D expenses, in particular for the development of new gas turbines, and higher selling expenses, both in part due to the acquisition mentioned above

Positive effects related to projects elevated profit margin in both periods; Q2 FY 2014 benefited from a €73 million gain on the sale of the turbo fan business

Continuing challenges resulting in increased price pressure and production overcapacities

Wind Power and Renewables

Q2 % Change


Orders 1,410 1,681 (16)% (27)%

Revenue 1,263 1,183 7% (1)%

Profit (44) (41) (6)%


Profit margin (3.5)% (3.5)%

excl. severance (3.4)% 0%

Lower volume from large orders, particularly in the offshore business

Revenue growth in the offshore and service businesses; increase due to currency translation, mainly in the Americas; decline in Asia, Australia

Losses in both periods from ongoing high production and installation costs as well as burdens related to inspecting and replacing main bearings; current period includes expenses for ramping-up commercial-scale production of a new turbine offering

Energy Management

Q2 % Change


Orders 3,100 2,822 10% 2%

Revenue 2,810 2,469 14% 4%

Profit 93 (187) n/a


Profit margin 3.3% (7.6)%


Substantial order growth in the Americas, driven by the solutions and transformer businesses which won a large high-voltage direct current (HVDC) order

Revenue up in all businesses, primarily solutions, as well as in all three reporting regions

Profit development held back by a less favorable revenue mix due to a high proportion of projects with low profit margins

Q2 FY 2014 included project charges of €310 million related primarily to two HVDC projects in Canada

6

Building Technologies

Q2 % Change


Orders 1,464 1,337 9% 1%

Revenue 1,446 1,326 9% 1%

Profit 95 93 1%




Order growth due predominately to the U.S.

Higher revenue in the service business and increase in the Americas mainly from currency translation effects

As expected, profit held back by impacts from substantial appreciation of the Swiss franc; measures have been initiated to compensate in the medium term

Mobility

Q2 % Change


Orders 3,782 1,835 106% 95%

Revenue 1,836 1,698 8% 2%

Profit 157 154 2%




Sharply higher volume from large orders in Europe, including a €1.7 billion contract for regional trains and maintenance and an extension of an order worth €0.7 billion for high-speed trains and service

Revenue growth driven by execution of turnkey projects and rail infrastructure business

Revenue headwind expected in second half of fiscal 2015 due to timing of large projects

Profit supported by higher revenue and a net positive effect related to certain high-speed train projects

Digital Factory

Q2 % Change


Orders 2,569 2,392 7% 1%

Revenue 2,422 2,246 8% 2%

Profit 355 408 (13)%




Order development driven by growth in the motion control and industry software businesses, and increases in all three reporting regions including particular strength in the U.S.

Revenue up in all businesses, primarily motion control and industry software, as well as in all three reporting regions

Higher margin in industry software; lower margins in other businesses partly related to lower revenue share from high-margin products compared to the prior-year period

7

Process Industries and Drives

Q2 % Change


Orders 2,442 2,691 (9)% (13)%

Revenue 2,326 2,297 1% (5)%

Profit 85 188 (55)%




Lower volume from large orders, particularly in Asia, Australia, and overall weaker demand in commodity-related industries, especially in oil & gas, mining, metals and cement

Revenue development driven by growth in the U.S. and China due to currency translation tailwinds; lower revenue in higher-margin process automation business

Weak profit margin mainly due to operational challenges, especially in the oil & gas and marine business and the large drives business, related partly to secondary impacts from oil price decline

Healthcare

Q2 % Change


Orders 3,228 2,826 14% 4%

Revenue 3,212 2,854 13% 3%

Profit 526 536 (2)%




Orders and revenue up in all three reporting regions and across all businesses, with the largest increase coming from the imaging and therapy systems businesses

Profit development included a €61 million gain from divestment of the microbiology business; Q2 FY 2014 benefited from €66 million gain related to the sale of a particle therapy installation

8

Financial Services

Q2

(in millions of €) FY 2015 FY 2014

Income before income taxes 195 114


ROE (after taxes) 28.0% 18.1%

(in millions of €)Mar 31,

2015Sep 30,

2014

Total assets 25,169 21,970

Increase in income before income taxes driven by substantially higher contribution from the equity business, primarily including a net gain in connection with the sale of renewable energy projects

Higher total assets compared to the end of fiscal 2014 due mainly to currency translation effects

Reconciliation to Consolidated Financial Statements

Profit

Q2


Centrally managed portfolio activities 1,172 50

Siemens Real Estate 38 18

Corporate items (190) (126)

Centrally carried pension expense (119) (96)Amortization of intangible assets acquired in business combinations (126) (135)Eliminations, Corporate Treasury and other reconciling items (79) 3Reconciliation to Consolidated Financial Statements 697 (287)

Centrally managed portfolio activities (CMPA): includes a gain of €1.4 billion on disposal of Siemens’ stake in BSH and a loss of €0.2 billion related to Siemens’ stake in Unify; Q2 FY 2014 included equity investment income related to BSH

Effective with the current quarter, CMPA includes the solar business which was formerly part of Wind Power and Renewables

Corporate items: influenced by the fair value of warrants issued together with US$3 billion in bonds in fiscal 2012, which depends on the underlying Siemens and OSRAM share prices as well as their respective volatilities; therefore results are expected to remain volatile in coming quarters

Eliminations, Corporate Treasury and other reconciling items: negative effects related to changes in the fair value of interest rate derivatives not qualifying for hedge accounting

9

C.2 Siemens Group in the first half of fiscal 2015

C.2.1 Results of operations

C.2.1.1 ORDERS AND REVENUE BY REGION

Orders (location of customer)

Q1 - Q2 % Change

(in millions of €) FY 2015 FY 2014 Actual Comp.Europe, C.I.S., Africa, Middle East 19,971 20,364 (2)% (3)%

therein: Germany 6,258 5,516 13% 14%

Americas 11,967 10,387 15% 4%

therein: U.S. 7,879 7,149 10% (4)%

Asia, Australia 6,828 7,247 (6)% (13)%

therein: China 2,942 3,505 (16)% (24)%

Siemens 38,766 37,998 2% (3)%therein: emerging markets 12,905 14,284 (10)% (14)%

Siemens worldwide

Order development driven mainly by regional distribution of large orders and strongly influenced by the euro’s weakness compared to a year earlier

Book-to-bill ratio of 1.09

Industrial Business order backlog with new high at €109 billion, including €5 billion from currency translation effects

Europe, C.I.S., Africa, Middle East

Decline due to lower volume from large orders in Wind Power and Renewables; large orders in Mobility on the high level of the prior-year period

Higher volume in Germany, where a €1.7 billion order for regional trains and maintenance more than offset lower volume from large wind orders

Americas

Large orders in Energy Management

U.S. growth in all Divisions influenced by favorable currency translation effects, except Wind Power and Renewables due to lower volume from large orders

Asia, Australia

Lower volume from large orders in Mobility in China and decline in Process Industries and Drives in the region, offsetting growth in Power and Gas due to large service order in Malaysia

Revenue (location of customer)

Q1 - Q2 % Change

(in millions of €) FY 2015 FY 2014 Actual Comp.Europe, C.I.S., Africa, Middle East 18,609 18,104 3% 2%

therein: Germany 5,366 4,998 7% 7%

Americas 9,797 8,604 14% 2%

therein: U.S. 6,671 5,901 13% (1)%

Asia, Australia 7,058 6,563 8% (1)%

therein: China 3,219 2,854 13% 2%

Siemens 35,464 33,271 7% 1%therein: emerging markets 11,655 11,030 6% 0%

Siemens worldwide

Higher revenue in all Divisions due in part to currency translation effects; double-digit growth in Mobility and Energy Management

Europe, C.I.S., Africa, Middle East

Regional development includes nearly all Divisions, while Germany was driven by Wind Power and Renewables’ offshore business

Americas

Broad-based increase in Industrial Business, benefitting from favorable currency translation effects in the U.S.

Asia, Australia

Mobility and Digital Factory drive growth for China and the region

10

C.2.1.2 INCOME

Q1 - Q2

(in millions of €, earnings per share in €) FY 2015 FY 2014 % Change

Power and Gas 717 1,129 (36)%

Wind Power and Renewables 37 25 48%

Energy Management 201 (144) n/a

Building Technologies 212 213 0%

Mobility 313 263 19%

Digital Factory 819 794 3%

Process Industries and Drives 240 351 (32)%

Healthcare 939 1,009 (7)%

Industrial Business 3,478 3,641 (4)%

Profit margin Industrial Business 9.6% 10.8%

Financial Services (SFS) 341 224 52%Reconciliation to Consolidated Financial

Statements 289 (374) n/aIncome from continuing operations

before income taxes 4,107 3,491 18%

Income tax expenses (1,004) (1,011) 1%

Income from continuing operations 3,103 2,479 25%Income from discontinued operations,

net of income taxes 1,901 131 >200%

Net income 5,004 2,610 92%

Basic earnings per share 5.99 3.03 98%

ROCE 28.2% 16.6%

Industrial Business

Power and Gas: lower margins in several businesses, in particular the large gas turbine business; prior-year period benefited from a €73 million gain on the sale of the turbo fan business

Energy Management: prior-year period included charges totaling €297 million related to two HVDC transmission line projects in Canada and charges totaling €90 million related mainly to grid connections to offshore wind-farms in Germany

Process Industries and Drives: weak profit margin due to operational challenges, especially in the oil & gas and marine business related partly to secondary effects from oil price decline

As planned, higher selling and R&D expenses in nearly all Divisions

Severance charges for Industrial Business were €129 million

Income from continuing operations before income taxes

Higher contribution at SFS from the equity business, primarily including a net gain in connection with the sale of renewable energy projects

Gain of €1.4 billion on disposal of Siemens’ stake in BSH

Negative effects at Corporate Treasury related to changes in the fair value of interest rate derivatives not qualifying for hedge accounting; loss of €0.2 billion related to Siemens’ stake in Unify

Prior-year period benefited from equity investment income related to BSH

Severance charges for continuing operations were €187 million

Income from continuing operations

Tax rate: 24%

Disposal of stake in BSH is mostly tax-free

Income from discontinued operations, net of income taxes

Gains from the disposal of the hearing aid and hospital information businesses totaling €1.6 billion and €0.2 billion, respectively

Prior-year period benefited from a positive €66 million tax effect related to former Communications activities

Net income, Basic earnings per share, ROCE

Higher percentage increase in basic earnings per share than for Net income, due to share buybacks which reduced number of average shares outstanding; substantial benefit from disposal gains

ROCE also benefited substantially from the disposal gains; average capital employed higher than in the prior-year period

11

C.2.2 Financial position

Cash flows

Q1 - Q2FY 2015

(in millions of €)

Continuing operations

Discontinuedoperations

Continuing and

discontinued operations

Cash flows from:

Operating activities 594 (182) 412

Investing activities (238) 2,890 2,651 therein: Additions to intangible assets and property, plant and equipment (756) (40) (796)

Free cash flow (163) (222) (385)

Financing activities (2,802) 5 (2,797)

Cash flows from operating activities

Conversion of income from continuing operations of €3.1 billion into cash held back by outflows of €1.8 billion for a build-up of operating net working capital; significant cash outflows related to settlements of hedging instruments

Within this build-up of operating net working capital, the main factor was increased inventories in all Industrial Business Divisions, particularly Power and Gas

Cash outflows from discontinued operations related primarily to the metals technologies business contributed into a joint venture with Mitsubishi-Hitachi Metals Machinery Inc.

Cash flows from investing activities

Cash inflows of €3.1 billion for disposal of investments, intangibles and property, plant and equipment included €2.8 billion from sale of Siemens’ stake in BSH

Cash outflows of €1.4 billion for acquisitions of businesses, net of cash acquired, included payments totaling €1.3 billion related to the acquisition of Rolls-Royce Energy aero-derivative gas turbine and compressor business

Cash outflows of €1.1 billion for increase in receivables from financing activities related to a net increase in business volume at SFS

Cash inflows from discontinued operations included €1.9 billion from the sale of the hearing aid business and €1.2 billion from the sale of the hospital information business

Cash flows from financing activities

Cash outflows of €2.8 billion for dividends paid

Cash inflows of €1.3 billion from the change in short-term debt and other financing activities mainly due to issuance of US$-commercial paper, largely offset by cash outflows of €1.1 billion for the purchase of treasury shares under Siemens’ share buyback program

For information with respect to portfolio activities, see Note 2 in D.6 Notes to Condensed Interim Consolidated Financial Statements.

12

C.2.3 Net assets position

(in millions of €)Mar 31,

2015Sep 30,

2014 % Change

Current assets 49,985 48,076 4%

therein: total liquidity 9,945 8,938 11%

Non-current assets 65,915 56,803 16%

Total assets 115,900 104,879 11%

Current liabilities 39,180 36,598 7%

Non-current liabilities 42,935 36,767 17%

Equity 33,786 31,514 7%

Total liabilities and equity 115,900 104,879 11%

Net asset position strongly influenced by weaker euro

Current assets

Acquisition of the Rolls-Royce Energy aero-derivative gas turbine and compressor business resulted in an increase mainly in Trade and other receivables and in Inventories; large build-up of Inventories in Power and Gas

Decrease in Assets classified as held for disposal due to the derecognition of assets resulting from contribution of the metals technologies business into the Primetals Technologies Ltd. joint venture, as well as sale of Siemens’ stake in BSH and the hospital information and microbiology businesses

Non-current assets

Acquisition of the Rolls-Royce Energy aero-derivative gas turbine and compressor business resulted in an increase mainly in Other intangible assets

Investments accounted for using the equity method includes Siemens’ share in Primetals Technologies Ltd.

Increase in Other financial assets related to financing activities of SFS

Current liabilities

Issuance of commercial paper increased Short-term debt and current maturities of long-term debt

Decrease in Liabilities associated with assets classified as held for disposal due to the derecognition of liabilities related to the metals technologies business mentioned above, as well as sale of the hospital information and microbiology businesses

Non-current liabilities

For information related to Long term debt, see Note 3 in D.6 Notes to Condensed Interim Consolidated Financial Statements

Underfunding of Siemens’ defined benefit plans as of March 31, 2015: €11.6 billion (September 30, 2014: €9.1 billion); therein underfunding of pension plans as of March 31, 2015: €11.0 billion (September 30, 2014: €8.5 billion); increase due mainly to a lower discount rate assumption; weighted-average discount rate as of March 31, 2015: 2.1% (September 30, 2014: 3.0%)

Equity

Increase related to Net income and Other comprehensive income, net of income taxes partly offset by dividend payments and share buybacks

13

C.3 Outlook

We confirm our outlook. We believe that our business environment will be complex in fiscal 2015, among other things due to geopolitical tensions. We expect revenue on an organic basis to remain flat year-over-year, and orders to exceed revenue for a book-to-bill ratio above 1. Furthermore, we expect that gains from divestments will enable us to increase basic EPS from net income by at least 15% from €6.37 in fiscal 2014. For our Industrial Business, we expect a profit margin of 10% to 11%. This outlook excludes impacts from legal and regulatory matters.

C.4 Risks and opportunities

In our Annual Report for fiscal 2014 we described certain risks, which could have a material adverse effect on our business, financial condition (including effects on assets, liabilities and cash flows), results of operations and reputation, our most significant opportunities as well as the design of our risk management system.

During the reporting period, we identified no further significant risks and opportunities besides those presented in our Annual Report for fiscal 2014, in this Interim Group Management Report and in legal proceedings in Note 5 in D.6 Notes to Condensed Interim Consolidated Financial Statements. Additional risks and opportunities not known to us or that we currently consider immaterial could also affect our business operations. We do not expect to incur any risks that either individually or in combination could endanger our ability to continue as a going concern. We refer also to E.2 Notes and forward-looking statements.

14

D. Condensed Interim Consolidated Financial StatementsD.1 Consolidated Statements of Income

Q2 Q1 - Q2

(in millions of €, per share amounts in €) Note FY 2015 FY 2014 FY 2015 FY 2014

Revenue 18,049 16,695 35,464 33,271

Cost of sales (12,664) (11,955) (24,906) (23,556)

Gross profit 5,385 4,740 10,557 9,715

Research and development expenses (1,112) (994) (2,097) (1,888)

Selling and general administrative expenses (2,756) (2,460) (5,375) (4,903)

Other operating income 119 131 211 444

Other operating expenses (95) (90) (165) (254)

Income from investments accounted for using the equity method, net 1,321 195 1,376 349

Interest income 312 255 606 511

Interest expenses (185) (183) (361) (371)

Other financial income (expenses), net (440) (21) (645) (112)

Income from continuing operations before income taxes 2,550 1,572 4,107 3,491

Income tax expenses (554) (441) (1,004) (1,011)

Income from continuing operations 1,997 1,131 3,103 2,479

Income from discontinued operations, net of income taxes 2 1,912 22 1,901 131

Net income 3,908 1,153 5,004 2,610

Attributable to:

Non-controlling interests 21 29 38 54

Shareholders of Siemens AG 3,887 1,124 4,966 2,556

Basic earnings per share

Income from continuing operations 2.39 1.30 3.70 2.87

Income from discontinued operations 2.31 0.03 2.29 0.16

Net income 4.70 1.33 5.99 3.03

Diluted earnings per share

Income from continuing operations 2.36 1.29 3.66 2.84

Income from discontinued operations 2.29 0.03 2.27 0.15

Net income 4.65 1.32 5.93 3.00

D.2 Consolidated Statements of Comprehensive Income

Q2 Q1 - Q2

(in millions of €) FY 2015 FY 2014 FY 2015 FY 2014

Net income 3,908 1,153 5,004 2,610

Remeasurements of defined benefit plans (817) (607) (1,489) (232)

therein: Income tax effects 525 221 870 108

Items that will not be reclassified to profit or loss (817) (607) (1,489) (232)

therein: Income (expenses) from investments accounted for using the equity method (16) 6 (20) 7

Currency translation differences 2,171 (142) 2,374 (510)

Available-for-sale financial assets 183 101 346 324

therein: Income tax effects (11) (7) (15) (7)

Derivative financial instruments (230) (33) (293) (24)

therein: Income tax effects 95 11 106 6

Items that may be reclassified subsequently to profit or loss 2,123 (74) 2,427 (211)

therein: Income (expenses) from investments accounted for using the equity method 86 (30) 67 (79)

Other comprehensive income, net of income taxes 1,307 (682) 938 (442)

Total comprehensive income 5,215 471 5,941 2,168

Attributable to:

Non-controlling interests 82 29 106 55

Shareholders of Siemens AG 5,133 442 5,835 2,113

15

D.3 Consolidated Statements of Financial Position

Mar 31, Sep 30,

(in millions of €) Note 2015 2014

Assets

Cash and cash equivalents 8,844 8,013

Available-for-sale financial assets 1,100 925

Trade and other receivables 15,607 14,526

Other current financial assets 4,729 3,710

Inventories 17,576 15,100

Current income tax assets 622 577

Other current assets 1,406 1,290

Assets classified as held for disposal 2 100 3,935

Total current assets 49,985 48,076

Goodwill 19,628 17,783

Other intangible assets 5,410 4,560

Property, plant and equipment 10,092 9,638

Investments accounted for using the equity method 3,032 2,127

Other financial assets 22,238 18,416

Deferred tax assets 4,181 3,334

Other assets 1,336 945

Total non-current assets 65,915 56,803

Total assets 115,900 104,879

Liabilities and equity

Short-term debt and current maturities of long-term debt 3 4,236 1,620

Trade payables 7,245 7,594

Other current financial liabilities 2,499 1,717

Current provisions 4,357 4,354

Current income tax liabilities 2,028 1,762

Other current liabilities 18,783 17,954

Liabilities associated with assets classified as held for disposal 2 32 1,597

Total current liabilities 39,180 36,598

Long-term debt 3 20,361 19,326

Post-employment benefits 12,106 9,324

Deferred tax liabilities 512 552

Provisions 5,145 4,071

Other financial liabilities 2,576 1,620

Other liabilities 2,234 1,874

Total non-current liabilities 42,935 36,767

Total liabilities 82,114 73,365

Equity 4

Issued capital, no par value 2,643 2,643

Capital reserve 5,571 5,525

Retained earnings 26,441 25,729

Other components of equity 3,162 803

Treasury shares, at cost (4,641) (3,747)

Total equity attributable to shareholders of Siemens AG 33,176 30,954

Non-controlling interests 610 560

Total equity 33,786 31,514

Total liabilities and equity 115,900 104,879

16

D.4 Consolidated Statements of Cash Flows

Q1 - Q2


Cash flows from operating activities

Net income 5,004 2,610

Adjustments to reconcile net income to cash flows from operating activities - continuing operations

(Income) from discontinued operations, net of income taxes (1,901) (131)

Amortization, depreciation and impairments 1,195 1,181

Income tax expenses 1,004 1,011

Interest (income) expenses, net (245) (140)

(Income) loss related to investing activities (1,554) (577)

Other non-cash (income) expenses (162) 281

Change in operating net working capital

Inventories (1,156) (925)

Trade and other receivables 1 394

Trade payables (964) (662)

Billings in excess of costs and estimated earnings on uncompleted contracts and related advances 364 443

Additions to assets leased to others in operating leases (185) (175)

Change in other assets and liabilities (700) (1,360)

Income taxes paid (980) (977)

Dividends received 325 118

Interest received 546 465

Cash flows from operating activities - continuing operations 594 1,556

Cash flows from operating activities - discontinued operations (182) (104)

Cash flows from operating activities - continuing and discontinued operations 412 1,452

Cash flows from investing activities

Additions to intangible assets and property, plant and equipment (756) (713)

Acquisitions of businesses, net of cash acquired (1,396) −

Purchase of investments (334) (146)

Purchase of current available-for-sale financial assets (361) (216)

Change in receivables from financing activities (1,113) (1,139)

Disposal of investments, intangibles and property, plant and equipment 3,141 260

Disposal of businesses, net of cash disposed 382 90

Disposal of current available-for-sale financial assets 199 37

Cash flows from investing activities - continuing operations (238) (1,828)

Cash flows from investing activities - discontinued operations 2,890 408

Cash flows from investing activities - continuing and discontinued operations 2,651 (1,419)

Cash flows from financing activities

Purchase of treasury shares (1,092) −

Other transactions with owners 2 (19)

Issuance of long-term debt 61 218

Repayment of long-term debt (including current maturities of long-term debt) (11) (28)

Change in short-term debt and other financing activities 1,280 2,101

Interest paid (250) (241)

Dividends paid to shareholders of Siemens AG (2,728) (2,533)

Dividends attributable to non-controlling interests (65) (79)

Cash flows from financing activities - continuing operations (2,802) (582)

Cash flows from financing activities - discontinued operations 5 −

Cash flows from financing activities - continuing and discontinued operations (2,797) (582)

Effect of changes in exchange rates on cash and cash equivalents 544 (98)

Change in cash and cash equivalents 810 (648)

Cash and cash equivalents at beginning of period 8,034 9,234

Cash and cash equivalents at end of period 8,845 8,586

Less: Cash and cash equivalents of assets classified as held for disposal and discontinued operations at end of period − 1

Cash and cash equivalents at end of period (Consolidated Statements of Financial Position) 8,844 8,585

17

D.5 Consolidated Statements of Changes in Equity

Issuedcapital

Capitalreserve

Retainedearnings

Currencytranslationdifferences

Available-for-sale

financialassets

Derivativefinancial

instruments

Treasurysharesat cost

Total equityattributable

to share-holders of

Siemens AG

Non controlling

interests

Totalequity

(in millions of €)

Balance as of October 1, 2013 2,643 5,484 22,663 (160) 428 (1) (2,946) 28,111 514 28,625

Net income − − 2,556 − − − − 2,556 54 2,610

Other comprehensive income, net of income taxes − − (232) (510) 324 (25) − (443) 1 (442)

Dividends − − (2,533) − − − − (2,533) (75) (2,609)

Share-based payment − (60) (16) − − − − (76) − (76)

Re-issuance of treasury shares − 25 − − − − 242 267 − 267

Transactions with non-controlling interests − − (17) − − − − (17) (11) (28)

Other changes in equity − − (10) − − − − (10) (2) (12)Balance as of March 31, 2014 2,643 5,449 22,412 (671) 752 (25) (2,704) 27,856 480 28,336

Balance as of October 1, 2014 2,643 5,525 25,729 745 373 (314) (3,747) 30,954 560 31,514

Net income − − 4,966 − − − − 4,966 38 5,004

Other comprehensive income, net of income taxes − − (1,489) 2,302 346 (289) − 869 68 938

Dividends − − (2,728) − − − − (2,728) (71) (2,799)

Share-based payment − 27 (37) − − − − (9) − (9)

Purchase of treasury shares − − − − − − (1,078) (1,078) − (1,078)

Re-issuance of treasury shares − 18 − − − − 184 202 − 202

Transactions with non-controlling interests − − (9) − − − − (9) 13 4

Other changes in equity − − 9 − − − − 9 1 10

Balance as of March 31, 2015 2,643 5,571 26,441 3,047 718 (603) (4,641) 33,176 610 33,786

..........................................................................................

18

D.6 Notes to Condensed Interim Consolidated Financial Statements

NOTE 1 Basis of presentation

The accompanying Condensed Interim Consolidated Financial Statements (Interim Consolidated Financial Statements) as of March 31, 2015 present the operations of Siemens AG and its subsidiaries (the Company or Siemens). These Interim Consolidated Financial Statements are in accordance with IFRS applicable to interim financial reporting as issued by the IASB and as adopted by the EU and shall be read in conjunction with the Siemens Consolidated Financial Statements as of September 30, 2014. The interim financial statements apply the same accounting principles and practices as those used in the 2014 annual financial statements. Results for the interim reporting period are not necessarily indicative of future results. In interim periods, tax expense is based on the current estimated annual effective tax rate of Siemens. The presentation of certain prior-year information has been reclassified to conform to the current year presentation. The Interim Consolidated Financial Statements are unaudited and were authorized for issue by the Managing Board on May 6, 2015.

NOTE 2 Acquisitions, dispositions and discontinued operations

Acquisitions

In December 2014, Siemens acquired the Rolls-Royce Energy aero-derivative gas turbine and compressor business of Rolls-Royce plc, U.K. (Rolls-Royce). The acquired business will be integrated in the Division Power and Gas. The contractually agreed purchase price amounts to £785 million (€990 million). That amount is subject to post-closing adjustments amounting to £29 million (€37 million). In addition, as part of the transaction, Siemens paid Rolls-Royce £200 million (€252 million) for a 25 year technology licensing agreement granting exclusive access to future Rolls-Royce aero-turbine technology developments in the four to 85 megawatt power output range as well as preferred access to supply and engineering services of Rolls-Royce. The following figures result from the preliminary purchase price allocation as of the acquisition date: Other intangible assets €765 million, Property, plant and equipment €147 million, Trade and other receivables €260 million, Inventories €424 million, Provisions €203 million, Trade payables €218 million and Other current liabilities €196 million. Other intangible assets mainly relate to acquired technology including licences and similar rights of €477 million (with a useful life of three to 25 years) and customer-related intangible assets of €275 million (with a useful life of five to 11 years). Preliminary goodwill of €328 million comprises intangible assets that are not separable such as employee know-how and expected synergy effects. Including earnings effects from purchase price allocation and integration costs, the acquired business contributed revenues of €251 million and a net income of €5 million to Siemens for the period from acquisition to March 31, 2015. If the acquired business had been included as of October 1, 2014, the impact on consolidated revenues and consolidated net income for the six months ended March 31, 2015 would have been €467 million and €(13) million, respectively.

Dispositions and discontinued operations

Dispositions not qualifying for discontinued operations – closed transactions

In January 2015, Siemens completed the sale of its 50% stake in the joint venture BSH Bosch und Siemens Hausgeräte GmbH (BSH) to Robert Bosch GmbH. As of the closing date, Siemens derecognized the equity investment and recognized a pretax gain on disposal of €1.4 billion.

In January 2015, Siemens completed the sale of its microbiology business to Beckman Coulter Inc., a subsidiary of Danaher Corporation. As of the closing date, assets and liabilities amounting to €345 million and €13 million, respectively, were derecognized. Healthcare recognized a pretax gain on disposal of €61 million.

Discontinued operations – closed transactions

In January 2015, Siemens completed the sale of its hearing aid business – presented as held for disposal and discontinued operations since Q1 2015 – to the investment company EQT and the German entrepreneurial family Strüngmann as co-investors. The transaction volume is €2.15 billion plus earn-out components and includes that the sold entities will also be allowed to continue using the Siemens product brand for the hearing aid business over the medium term. As of the closing date, assets and liabilities amounting to €624 million and €304 million, respectively, were derecognized. Siemens recognized a preliminary pretax gain on disposal of €1.7 billion.

In January 2015, Siemens completed the contribution of its metals technologies business into a joint venture with Mitsubishi-Hitachi Metals Machinery Inc. (majority-owned by Mitsubishi Heavy Industries Ltd.). As of the closing date, assets and liabilities amounting to €1,709 million and €1,170 million, respectively, were derecognized. Siemens initially recognized the new investment in Primetals Technologies Ltd. at fair value.

In February 2015, Siemens completed the sale of its hospital information business to Cerner Corp. As of the closing date, assets and liabilities amounting to €814 million and €210 million, respectively, were derecognized. Siemens recognized a pretax gain on disposal of €477 million.

19

NOTE 3 Debt and contingencies

Debt

Current debt Non-current debt

Mar 31, Sep 30, Mar 31, Sep 30,(in millions of €) 2015 2014 2015 2014

Notes and bonds 486 − 19,049 18,165

Loans from banks 717 773 1,141 968

Other financial indebtedness 2,988 826 86 85

Obligations under finance leases 45 21 85 108

Total debt 4,236 1,620 20,361 19,326

In the six months ended March 31, 2015, the two bilateral US$500 million term loan facilities (in aggregate €929 million as of March 31, 2015) have been extended by one year until March 26, 2020 with no more extension options remaining. As of March 31, 2015, US$3.1 billion (€2.9 billion) in commercial paper were outstanding; as of September 30, 2014, US$1.0 billion (€795 million) were outstanding.

Contingencies

Contingencies increased due to total changes in guarantees of third-party performance, Herkules obligations and indemnifications issued in connection with dispositions of businesses. This resulted in the Company accruing €481 million in the six months ended March 31, 2015.

NOTE 4 Shareholders’ equity

In the six months ended March 31, 2015, Siemens repurchased 11,907,278 treasury shares at average costs per share of €90.53. Siemens transferred a total of 2,211,154 and 3,126,473 of treasury stock, respectively, in connection with share-based payment plans in the six months ended March 31, 2015 and 2014.

At the Annual Shareholders’ Meeting on January 27, 2015, the shareholders approved a dividend of €3.30 per share, representing a €2.7 billion dividend payment. The dividend was paid on January 28, 2015. As resolved at the Annual Shareholders’ Meeting, until January 26, 2020, treasury shares of up to 10% of capital stock may be repurchased and used in accordance with the German Stock Corporation Act. Additionally, Conditional Capital 2015 was authorized, serving the issuance of bonds of up to €15 billion until January 26, 2020, entitling the holders to subscribe to up to 80 million Siemens shares representing a conditional capital stock increase of up to €240 million.

NOTE 5 Legal proceedings

Proceedings out of or in connection with alleged breaches of contract

As previously reported, Essent Wind Nordsee Ost Planungs- und Betriebsgesellschaft mbH filed a request for arbitration against Siemens AG in October 2013 alleging breaches of a contract for the delivery of a high-voltage substation entered into by the parties in 2010. The parties settled the dispute in December 2014.

Proceedings out of or in connection with alleged compliance violations

As previously reported, Siemens AG agreed on a settlement with nine out of eleven former members of the Managing and Supervisory Board in January 2010 relating to claims of breaches of organizational and supervisory duties. In January 2013, Siemens AG agreed on a settlement with Dr. Thomas Ganswindt. In August 2014, Siemens AG reached a settlement with Mr. Joachim Neubürger. The Annual Shareholders’ Meeting of Siemens AG approved the proposed settlement between the Company and Mr. Neubürger on January 27, 2015.

As previously reported, in June 2008 the Republic of Iraq filed an action requesting unspecified damages against 93 named defendants with the United States District Court for the Southern District of New York on the basis of findings made in the »Report of the Independent Inquiry Committee into the United Nations Oil-for-Food Programme«. Siemens S.A.S. France, Siemens Sanayi ve Ticaret A.S., Turkey, and the former Siemens subsidiary OSRAM Middle East FZE, Dubai, are among the 93 named defendants. In February 2013, the trial court dismissed the Republic of Iraq's action. The Republic of Iraq appealed the decision, which was then affirmed by the court of appeals. The Republic of Iraq thereafter petitioned for an »en banc« review of the appellate decision. The court of appeals rejected the Republic of Iraq’s request in December 2014. In March 2015, the Republic of Iraq filed a petition for U.S. Supreme Court review.

As previously reported, several authorities in Brazil opened proceedings in connection with alleged anticompetitive irregularities in metro and urban train projects, in which Siemens Ltda., Brazil, and partially Siemens AG, as well as a number of other companies participated. As previously reported, in May 2014 the Public Affairs Office (Ministério Público) São Paulo initiated a lawsuit against Siemens Ltda. as well as other companies and several individuals claiming, inter alia, damages in an amount of BRL2.5 billion (approximately €715 million as of March 2015) plus adjustments to inflation and related interest in relation to train refurbishment contracts entered into between 2008 and 2011. A technical note issued by the Brazilian cartel authority CADE earlier in calendar year 2014 had not identified evidence suggesting Siemens Ltda.’s involvement in anticompetitive conduct in relation to these

20

refurbishment contracts. In January 2015 the district court of São Paulo admitted a lawsuit of the State of São Paulo and two customers against Siemens Ltda., Siemens AG and other companies and individuals claiming damages in an unspecified amount. In March 2015, the district court of São Paulo admitted a lawsuit of the Public Affairs Office (Ministério Público) São Paulo against Siemens Ltda. and other companies claiming, inter alia, damages in an amount of BRL487 million (approximately €139 million as of March 2015) plus adjustments to inflation and related interest in relation to train maintenance contracts entered into in 2000 and 2002. Siemens will defend itself against these actions. It cannot be excluded that further significant damage claims will be brought by customers or the state against Siemens.

For legal proceedings, information required under IAS 37, Provisions, Contingent Liabilities and Contingent Assets is not disclosed if the Company concludes that the disclosure can be expected to seriously prejudice the outcome of the litigation.

NOTE 6 Financial instruments

In the six months ended March 31, 2015, increasing share prices resulted in higher fair values of Available-for-sale equity instruments; the weakening of the euro impacted the fair value of derivative financial instruments and of foreign currency denominated financial assets and liabilities; the overall decrease in interest rates impacted the fair value of financial assets and liabilities.

Financial instruments measured at cost or amortized cost for which the carrying amount does not approximate fair value:

Mar 31, 2015 Sep 30, 2014

(in millions of €) Fair value Carrying amount Fair Value Carrying amount

Notes and bonds 20,636 19,535 18,787 18,165

Loans from banks, other financial indebtedness and finance leases 5,099 5,062 2,821 2,782

The following table allocates financial assets and liabilities measured at fair value to the three levels of the fair value hierarchy:

Mar 31, 2015

(in millions of €) Level 1 Level 2 Level 3 Total

Financial assets measured at fair value, thereof: 1,975 4,947 346 7,268

Available-for-sale financial assets: equity instruments 1,975 1 301 2,277

Available-for-sale financial assets: debt instruments - 1,043 2 1,045

Derivative financial instruments - 3,903 43 3,946

Financial liabilities measured at fair value – Derivative financial instruments - 3,234 - 3,234

Sep 30, 2014

(in millions of €) Level 1 Level 2 Level 3 Total

Financial assets measured at fair value, thereof: 1,527 3,272 307 5,105

Available-for-sale financial assets: equity instruments 1,527 1 307 1,834

Available-for-sale financial assets: debt instruments - 702 - 702

Derivative financial instruments - 2,569 - 2,569

Financial liabilities measured at fair value – Derivative financial instruments - 1,749 - 1,749

21

NOTE 7 Segment information

Orders1 External revenue IntersegmentRevenue

Total revenue

Profit Assets Free cash flow Additions tointangibleassets and

property, plant& equipment

Amortization,depreciation &

impairments

Q1 - Q2 Q1 - Q2 Q1 - Q2 Q1 - Q2 Q1 - Q2 Mar 31, Sep 30, Q1 - Q2 Q1 - Q2 Q1 - Q2

(in millions of €) FY 2015 FY 2014 FY 2015 FY 2014 FY 2015 FY 2014 FY 2015 FY 2014 FY 2015 FY 2014 2015 2014 FY 2015 FY 2014 FY 2015 FY 2014 FY 2015 FY 2014

Power and Gas 6,820 6,167 5,873 5,860 58 15 5,931 5,875 717 1,129 1,970 (275) 59 537 67 76 141 116

Wind Power and Renewables 2,727 3,942 2,739 2,504 2 1 2,740 2,505 37 25 (39) (146) (119) (23) 42 60 63 66

Energy Management 6,202 5,403 5,204 4,746 281 266 5,485 5,012 201 (144) 4,738 3,986 (303) (332) 79 68 106 102

Building Technologies 2,893 2,685 2,768 2,618 55 48 2,823 2,666 212 213 1,404 1,250 192 189 23 22 42 40

Mobility 5,054 5,283 3,682 3,280 12 7 3,694 3,287 313 263 2,133 2,102 245 9 67 26 62 59

Digital Factory 4,959 4,691 4,361 4,028 442 382 4,804 4,410 819 794 5,211 4,652 676 432 73 73 131 177

Process Industries and Drives 4,721 5,146 3,767 3,693 889 822 4,656 4,515 240 351 2,381 2,169 89 89 61 54 118 104

Healthcare 6,208 5,640 6,047 5,536 16 12 6,062 5,548 939 1,009 11,877 10,822 494 649 160 117 263 265

Industrial Business 39,583 38,956 34,441 32,266 1,755 1,553 36,196 33,819 3,478 3,641 29,674 24,559 1,333 1,550 572 496 926 929

Financial Services (SFS) 501 463 406 371 96 91 501 463 341 224 25,169 21,970 467 298 7 18 108 103


(1,318) (1,421) 617 634 (1,851) (1,644) (1,234) (1,011) 289 (374) 61,057 58,351 (1,962) (1,005) 176 199 161 149

Siemens (continuing operations) 38,766 37,998 35,464 33,271 − − 35,464 33,271 4,107 3,491 115,900 104,879 (163) 843 756 713 1,195 1,181

1 This supplemental information on Orders is provided on a voluntary basis. It is not part of the Interim Consolidated Financial Statements subject to the review opinion.

22

As of October 1, 2014, Siemens realigned its organizational structure. Siemens eliminated the Sector level and arranged its business primarily based on its Divisions managing Healthcare separately. Instead of the previously six reportable segments composed of the four Sectors Energy, Healthcare, Industry and Infrastructure & Cities, and of SFS and Equity Investments, Siemens has nine reportable segments as of October 1, 2014, being:

Power and Gas (PG), which offers products and solutions for generating electricity from fossil and renewable fuels and for transporting oil and natural gas,

Wind Power and Renewables (WP), a provider of solutions for on- and offshore wind power,

Energy Management (EM), a supplier of products, systems, solutions and services for transmission and distribution of electrical energy,

Building Technologies (BT), a provider of save, secure and energy-efficient buildings and infrastructure systems,

Mobility (MO), a provider of passenger and freight transportation systems and solutions,

Digital Factory (DF), which offers automation technology, industrial switchgear, industry software and services primarily to the manufacturing industry,

Process Industries and Drives (PD), which offers products, systems, solutions and services to industry sectors,

Healthcare (HC), a technology supplier to the healthcare industry with products in medical imaging, laboratory diagnostics and IT solutions,

Financial Services (SFS), a provider of business-to-business financial solutions.

The reportable segments HC and SFS primarily remained unchanged; Equity Investments ceased to be a reportable segment and became part of the reconciling item Centrally managed portfolio activities. Prior period information has been reclassified to correspond to the new reporting structure.

Goodwill has been reallocated to the reorganized reporting structure generally based on relative values. The reallocation did not result in goodwill impairments. As of October 1, 2014, for goodwill impairment testing purposes, Siemens’ groups of cash-generating units are generally the segments. The groups of cash-generating units of HC remained unchanged and are represented by its operations one level below the segment.

Segment information is presented for continuing operations. Accounting policies and segment measurement principles are the same as those described in the September 30, 2014 Annual Report, except for Profit. Commencing with fiscal 2015, Profit of reportable segments retrospectively excludes amortization expenses of intangible assets acquired in business combinations.


Profit

Q1 - Q2

( in millions of €) FY 2015 FY 2014

Centrally managed portfolio activities 1,103 149

Siemens Real Estate 105 149

Corporate items (249) (240)

Centrally carried pension expense (216) (194)

Amortization of intangible assets acquired in business combinations (244) (272)

Eliminations, Corporate Treasury, and other reconciling items (210) 35

Reconciliation to Consolidated Financial Statements 289 (374)

In the six months ended March 31, 2015, asset retirement obligations for environmental clean-up costs included in Centrally managed portfolio activities resulted in a loss of €591 million primarily due to a decrease in the discount rate and a gain of €310 million from related interest rate swaps not designated in a hedging relationship, both reported in Other financial income (expenses), net, as well as a gain of €260 million reported in Cost of sales which is attributable to a reduced assumed inflation rate.

In January 2015, Siemens committed itself to provide additional funding of €293 million to Unify Holdings B.V. disclosed in Centrally managed portfolio activities. Part of the funding was paid out to Unify in the second quarter of fiscal 2015. As a consequence of the commitment, Siemens recognized prior and current period’s proportionate losses of €212 million in Income from investments accounted for using the equity method, net, in the six months ended March 31, 2015.

In the six months ended March 31, 2015 and 2014, Corporate items includes a loss of €106 million and €163 million, respectively, from fair value changes of warrants issued with US$ bonds due to increases in underlying share prices and due to increases in implied volatilities.

23

Assets

Mar 31, Sep 30,

(in millions of €) 2015 2014

Assets Centrally managed portfolio activities 1,475 2,116

Assets Siemens Real Estate 4,934 4,696

Assets Corporate items and pensions (1,493) (1,779)

Asset-based adjustments:

Intragroup financing receivables and investments 41,967 42,129

Tax-related assets 4,656 3,781

Liability-based adjustments 41,083 37,779

Eliminations, Corporate Treasury, other items (31,565) (30,372)

Reconciliation to Consolidated Financial Statements 61,057 58,351

NOTE 8 Related party transactions

Siemens has relationships with many joint ventures and associates in the ordinary course of business whereby Siemens buys and sells a wide variety of products and services generally on arm’s length terms. The transactions with joint ventures and associates were as follows:

Sales of goods and services and other income

Purchases of goods and services and other expenses

Q1 - Q2 Q1 - Q2

(in millions of €) FY 2015 FY 2014 FY 2015 FY 2014

Joint ventures 126 161 12 4

Associates 301 399 78 90

427 560 90 94

Receivables Liabilities

Mar 31, Sep 30, Mar 31, Sep 30,

(in millions of €) 2015 2014 2015 2014

Joint ventures 39 198 155 72

Associates 154 82 589 255

194 280 743 327

As of March 31, 2015 and September 30, 2014, guarantees to joint ventures and associates amounted to €3,099 million and €2,904 million, respectively, including the HERKULES obligations of €1,090 million and €1,490 million, respectively.

NOTE 9 Board Member Changes

At its meeting on January 26, 2015, the Supervisory Board appointed Janina Kugel to the Managing Board as Head of Human Resources and Labor Director of Siemens AG. Siegfried Russwurm is the Board-level partner for the separately managed Healthcare business and kept his responsibilities for the regions CIS and Middle East and as Chief Technology Officer. Hermann Requardt resigned from the Managing Board and serves as advisor. All changes became effective on February 1, 2015.

Gerd von Brandenstein, Peter Gruss and Berthold Huber resigned from the Supervisory Board. Nathalie von Siemens and Norbert Reithofer were elected as new shareholder representatives and Reinhard Hahn was appointed to succeed Berthold Huber by court resolution as an employee representative of the Supervisory Board; Birgit Steinborn was elected to succeed Berthold Huber as Deputy Chairperson of the Supervisory Board and Jürgen Kerner joined the Chairman’s Committee of the Supervisory Board as an employee representative. All changes became effective as of the end of the Annual Shareholders´Meeting on January 27, 2015.

24

E. Additional information

E.1 Responsibility statement

To the best of our knowledge, and in accordance with the applicable reporting principles for interim financial reporting, the Interim Consolidated Financial Statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and the Interim Management Report of the Group includes a fair review of the development and performance of the business and the position of the Group, together with a description of the material opportunities and risks associated with the expected development of the Group for the remaining months of the financial year.

Munich, May 6, 2015

Siemens Aktiengesellschaft

The Managing Board

Joe Kaeser

Dr. Roland Busch Lisa Davis Klaus Helmrich

Janina Kugel Prof. Dr. Siegfried Russwurm Dr. Ralf P. Thomas

E.2. Review report

To Siemens Aktiengesellschaft, Berlin and Munich

We have reviewed the condensed interim consolidated financial statements comprising the consolidated statements of income, comprehensive income, financial position, cash flows and changes in equity, and notes to the condensed interim consolidated financial statements, and the interim group management report, of Siemens Aktiengesellschaft, Berlin and Munich for the period from October 1, 2014 to March 31, 2015 which are part of the half-year financial report pursuant to Sec. 37w WpHG (“Wertpapierhandelsgesetz”: German Securities Trading Act). The preparation of the condensed interim consolidated financial statements in accordance with IFRS applicable to interim financial reporting as issued by the IASB and as adopted by the EU and of the interim group management report in accordance with the requirements of the WpHG applicable to interim group management reports is the responsibility of the Company’s management. Our responsibility is to issue a report on the condensed interim consolidated financial statements and the interim group management report based on our review.

We conducted our review of the condensed interim consolidated financial statements and the interim group management report in accordance with German generally accepted standards for the review of financial statements promulgated by the Institut der Wirtschaftsprüfer (IDW - Institute of Public Auditors in Germany) and in supplementary compliance with International Standard on Review Engagements 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”. Those standards require that we plan and perform the review so that we can preclude through critical evaluation, with a certain level of assurance, that the condensed interim consolidated financial statements are not prepared, in all material respects, in accordance with IFRS applicable to interim financial reporting as issued by the IASB and as adopted by the EU, and that the interim group management report is not prepared, in all material respects, in accordance with the requirements of the WpHG applicable to interim group management reports. A review is limited primarily to making inquiries of company personnel and applying analytical procedures and thus does not provide the assurance that we would obtain from an audit of financial statements. In accordance with our engagement, we have not performed a financial statement audit and, accordingly, we do not express an audit opinion.

Based on our review nothing has come to our attention that causes us to believe that the condensed interim consolidated financial statements are not prepared, in all material respects, in accordance with IFRS applicable to interim financial reporting as issued by the IASB and as adopted by the EU or that the interim group management report is not prepared, in all material respects, in accordance with the provisions of the WpHG applicable to interim group management reports.

Munich, May 6, 2015

Ernst & Young GmbHWirtschaftsprüfungsgesellschaft

Spannagl Prof. Dr. HaynWirtschaftsprüfer Wirtschaftsprüfer

25

E.3 Notes and forward-looking statements

This document contains statements related to our future business and financial performance and future events or developments involving Siemens that may constitute forward-looking statements. These statements may be identified by words such as “expect,” “look forward to,” “anticipate” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project” or words of similar meaning. We may also make forward-looking statements in other reports, in presentations, in material delivered to shareholders and in press releases. In addition, our representatives may from time to time make oral forward-looking statements. Such statements are based on the current expectations and certain assumptions of Siemens’ management, of which many are beyond Siemens’ control. These are subject to a number of risks, uncertainties and factors, including, but not limited to those described in disclosures, in particular in the chapter Risks in the Annual Report. Should one or more of these risks or uncertainties materialize, or should underlying expectations not occur or assumptions prove incorrect, actual results, performance or achievements of Siemens may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. Siemens neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated.

This document includes – in IFRS not clearly defined – supplemental financial measures that are or may be non-GAAP financial measures. These supplemental financial measures should not be viewed in isolation or as alternatives to measures of Siemens’ net assets and financial positions or results of operations as presented in accordance with IFRS in its Consolidated Financial Statements. Other companies that report or describe similarly titled financial measures may calculate them differently.

Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

This document is an English language translation of the German document. In case of discrepancies, the German language document is the sole authoritative and universally valid version.

For technical reasons, there may be differences between the accounting records appearing in this document and those published pursuant to legal requirements.

Address Siemens AGWittelsbacherplatz 280333 MunichGermany

Internet www.siemens.com

Phone +49 (0)89 636-33443 (Media Relations)+49 (0)89 636-32474 (Investor Relations)

Fax +49 (0)89 636-30085 (Media Relations)+49 (0)89 636-32830 (Investor Relations)

E-mail [email protected]@siemens.com

© 2015 by Siemens AG, Berlin and Munich

http://www.siemens.com/















mailto:[email protected]


















Siemens Aktiengesellschaft siemens.com

Documents

Interim Report: Second Quarter and First Half of Fiscal 2015...A. Table of contents 2 A Table of contents 14 D Condensed Interim Consolidated Financial Statements 14 D.1 Consolidated